TSLA: Tesla’s Shocking 30% First-Quarter Drop Wipes Out $40 Billion of Elon Musk’s Net Worth

Deliveries for the first three months of 2024 are likely to have marked a drop from the 422,875 vehicles shipped in the same time span last year.

Key Points:

• Tesla shares took a 30% hit in Q1.
• Musk’s wealth is down by $40 billion.
• Delivery numbers are coming this week.
• At the start of the year, Elon Musk was the world’s wealthiest man with a net worth standing at $230 billion. Three months later, the eccentric uber-rich entrepreneur is staring at a $40 billion hole after his biggest source of wealth has been caught battling headwinds both at home and abroad. Musk holds about 20% of Tesla which is now equal to about $110 billion. The other $80 billion adding up to his current net worth of $190 billion are locked up in his other ventures, including SpaceX, X (former Twitter), Neuralink and The Boring Company.
• Tesla stock TSLA is moving into the second quarter of 2024 with a big cut to its valuation. Over the January-through-March time span, Tesla erased a staggering 30% of its market cap and is now riding on a price tag of $550 billion. The tech highflyer has been left in the dust while the rest of the Magnificent Seven are mostly surging? Not you, Apple AAPL.
• With the first quarter now wrapped up, Tesla is about to update its delivery number. And analysts aren’t too excited. According to unofficial estimates, the EV maker shipped about 108,000 vehicles in the first two months of the year. The figure needs to swell big time in order to match last year’s first-quarter record figure of 422,875 units. Tesla will announce its deliveries early this week.